When organising a work event, there are many different things to consider, from the catering to the venue, which means that event insurance is usually the bottom of the list. After all, who wants to think about their event in terms of preparing for the worst?
However, a work event can be a big investment for your business and it’s always better to be safe than sorry. Here are 4 reasons why you should consider events insurance:
Compensation for no-shows and late cancellations
Unfortunately, you can’t always guarantee that the entertainment or key speaker at your event is actually going to show up. Events insurance will guarantee that your business is compensated for any no-shows and late cancellations.
Compensation for event cancellation
Events involve a lot of time, money and planning, but sometimes the worst-case scenario happens, and you need to cancel the whole thing.
If you are forced to cancel the event for whatever reason, including adverse weather conditions, then events insurance will help you get back your irrecoverable costs. Being prepared for the worst case scenario is a much better alternative to losing the event as well as all the running costs.
Protect equipment in case of damage
Sound systems, catering tables, generators and portaloos, there is plenty of equipment that businesses need to hire or own in order to keep an event running smoothly.
However, if equipment becomes damaged during the event, especially if it is rented, then you could be liable for a hefty compensation payment to the owner. Events insurance ensures that you are covered if any equipment you use is damaged during the event.
Protect yourself against claims from the public
Protecting general members of the public should be your number one priority as an event host and the reality is that no matter how safe you try and make your event, accidents can happen.
Public liability insurance is an important part of events insurance that protects your business in cases where a member of the public becomes injured at your event. Bear in mind that this will include anyone you’ve hired for the event outside of your company.
If someone trips on some debris you’ve left or slips on some water you’ve failed to clean up, you could be leaving yourself vulnerable to a claim. Public liability insurance will help protect you in this case.